Financial Perspective: Research On The Green Transformation And Development Of Economy Of Xinjiang

With the contradiction between the environment and economic growth becoming increasingly prominent,the green transformation and development of Xinjiang's economy is imminent.As financial is the key part of the economy,more and more scholars are paying attention to the function of finance for the green transformation and development of the economy.This paper mainly studies the relationship between the finance and the green transformation and development of the economy from the perspective of finance,with the hope of providing some policy recommendations for the local government.First of all,this paper points out that the indicators of green transformation and development of the economy is incomplete,based on researching relevant literature about the green transformation and development of the economy.It considers that the level of economy of green transformation should be measured through the overall level and the sub-level.Secondly,based on combing relevant theories of green transformation and development of the economy,the research framework is determined.It believes that the finance mainly affects the green transformation and development of Xinjiang's economy through the effects on financial scale,resource allocation and green finance.Thirdly,it introduces the status of Xinjiang's finance and the status of the green transformation and development of the economy.it shows that the banking industry is the main power of the green transformation and development of the economy.The securities industry,the insurance industry,and green finance are too weak to help the green transformation and development of the economy.In addition,the levels of the green development of the economy in most cities and states of northern Xinjiang are decling,however,the situation is opposite in most cities and states of northern Xinjiang.Finally,based on panel data of fifteen cities and states in Xinjiang,the empirical tests are conducted on the effect of finance on the green transformation and development of the economy.The empirical research includes three aspects:(1)Empirical studying on the impact of Xinjiang's finance on the overall level of green development of the economy.(2)An empirical study on the impact of Xinjiang's finance on the sub-category level of green development of the economy.(3)Concluding the overall effect of the finance on the green transformation and development of Xinjiang's economy through contrasting the differences between the overall level and sub-level of the green transformation development of the economy.The research results show that:(1)Financial scale has a negative impact on green transformation and development of the economy of Xinjiang.(2)With the existence of environmental pollution externalities,the improvement of financial efficiency will inhibit the green transformation and development of the economy.(3)Green finance is the main driving force to promote the green transformation and development of the economy of Xinjiang.(4)Foreign investment has inhibited the green transformation and development of Xinjiang's economy.(5)Innovation of technology can effectively promote the green transformation and development of the economy of Xinjiang.There are several innovations in this research:(1)Introducing structural analysis to the empirical study of green transformation and development of economy firstly.On the basis of the previous research on the overall level of green transformation development of economy,the paper introduces a structural empirical analysis throughing the transformation and upgrading of the input structure,the transformation and upgrading of the emission structure,the transformation upgrading of the industrial structure.The research on the green transformation and development of economy is more comprehensive.(2)On the perspective of finance,comprehensively studying the impacts of many financial factors on the green transformation and development of economy.Distinguishing the previous research on the relationship between individual financial variables and the development of economic green transformation,from the perspective of finance,the paper comprehensively select financial representative indicators,and derive the comprehensive mechanism of many financial factors on the development of economic green transformation,and conduct empirical research in combination with Xinjiang.Hence the conclusions have more practical value.